Common use of Pool Asset Administration Clause in Contracts

Pool Asset Administration. þ Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents. þ Pool assets and related documents are safeguarded as required by the transaction agreements. þ Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements. þ Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the applicable servicer’s obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related asset documents. þ PHH Mortgage’s records regarding the pool assets agree with PHH Mortgage’s records with respect to an obligor’s unpaid principal balance. þ Changes with respect to the terms or status of an obligor’s pool asset (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents. þ Loss mitigation or recovery actions (e.g. forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements. þ Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe PHH Mortgage’s activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment). þ Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents. þ Regarding any funds held in trust for an obligor (such as escrow accounts):

Pool Asset Administration. þ Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents. þ Pool assets and related documents are safeguarded as required by the transaction agreements. þ Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements. þ Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the applicable servicer’s obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related asset documents. þ PHH MortgageGreenpoint Mortgage Funding, Inc.’s records regarding the pool assets agree with PHH Mortgagethe servicer’s records with respect to an obligor’s unpaid principal balance. þ Changes with respect to the terms or status of an obligor’s pool asset (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents. þ Loss mitigation or recovery actions (e.g. forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements. þ Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe PHH MortgageGreenpoint Mortgage Funding, Inc.’s activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment). þ Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents. þ Regarding any funds held in trust for an obligor (such as escrow accounts):

Pool Asset Administration. þ Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents. þ Pool assets and related documents are safeguarded as required by the transaction agreements. þ Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements. þ Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the applicable servicer’s obligor records maintained no more than two business days after receipt, or such other number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related asset documents. þ PHH Mortgage’s records regarding the pool assets agree with PHH Mortgage’s records with respect to an obligor’s unpaid principal balance. 77 þ Changes with respect to the terms or status of an obligor’s pool asset (e.g., loan modifications or re-agings) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related pool asset documents. þ Loss mitigation or recovery actions (e.g. forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes or other requirements established by the transaction agreements. þ Records documenting collection efforts are maintained during the period a pool asset is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period specified in the transaction agreements, and describe PHH Mortgage’s activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g., illness or unemployment). þ Adjustments to interest rates or rates of return for pool assets with variable rates are computed based on the related pool asset documents. þ Regarding any funds held in trust for an obligor (such as escrow accounts):